Cancel/Closing a cleared credit card and credit score effect

[jackofall84]

Looking for a bit of advice to help maintain my credit score. I've just finished a balance transfer to a new credit card, as my old card was about to start charging interest. In terms of effecting my credit score. Should I close the old credit card down or would it be better to keep it but not use it?

Just to note my new credit card is also interest free for purchases so I won't be using the old credit card at all.

[p4cks]

Personally I close them down, prevents me (or anyone else for that matter) spending on them.

In relation to your 'credit score', this is largely of no use to any lender whatsoever. They check your repayment history when assessing you for products they're offering rather than an arbitrary score that you've been given on an app by people gathering your data to sell you stuff from their advertisers.

[Sarnie]

jackofall84 said:

Looking for a bit of advice to help maintain my credit score. I've just finished a balance transfer to a new credit card, as my old card was about to start charging interest. In terms of effecting my credit score. Should I close the old credit card down or would it be better to keep it but not use it?

Just to note my new credit card is also interest free for purchases so I won't be using the old credit card at all.

Keep it and don't use it.............helps add history to your credit file and the unused credit will keep your credit utilisation low......

[jackofall84]

Sarnie said:

Keep it and don't use it.............helps add history to your credit file and the unused credit will keep your credit utilisation low......

Thanks for the advice, guess I'll keep it then.

[Nickyboy]

Depends if you plan to take on anything financially in the near future, closing the account will reduce your score but it will eventually build back up again. It won't do any harm keeping the account open